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FACTORS TO WATCH
With talk of American protectionism and potentially more fragmented markets
in Europe, we talk to UCL professor Dr. Peter Clark at 3:30 pm, about how global
companies and M&A will fare in this environment. To join the conversation, click
on the link: here
INDIA TOP NEWS
• India lobbies Trump administration to avert visa threat
India has stepped up its lobbying effort against moves in the U. S. Congress to
impose curbs on visas for skilled workers that threaten the South Asian nation's
tech sector, which employs more than 3.5 million people.
• POLL-India's Q4 economic growth seen slowing to near 3-year low
India's economy is expected to have slowed sharply to a near three-year low
in the final three months of 2016, as demand wilted following Prime Minister
Narendra Modi's surprise decision to ban high-value currency notes, a Reuters
poll of economists showed.
• Bharti Airtel to buy Telenor's India unit as rival Jio spurs consolidation
Bharti Airtel, India's top telecoms network operator, is buying Norwegian
Telenor's India unit, in yet another consolidation move in the country's
telecoms sector driven by upstart rival Jio's disruptive pricing.
• Founder of India's $4 smartphone firm arrested on allegations of fraud
The founder of an Indian tech firm that shot to prominence by offering a $4
smartphone has been arrested on allegations of fraud, after a handset dealer
accused the company of not refunding him for an unfulfilled order, the police
• Avenue Supermarts to launch $280 mln IPO on March 8
Avenue Supermarts Ltd will take subscriptions for its initial public
offering of up to 18.7 billion rupees on March 8-10 with the listing likely to
take place on March 21, the supermarket operator said in a filing released on
• Canadian pension fund manager looks at logistics investment in India
The real estate arm of Canada's second-largest pension fund manager is
looking at India's logistics sector following the announcement this week of its
first investment in the country for more than six years, President Daniel
Fournier said on Friday.
• India to raise about $250 mln from Bharat Electronics share sale
India will raise about 16.7 billion rupees from its sale of a 5 percent
stake in state-run Bharat Electronics Ltd, the government said on Thursday, part
of an asset sales programme to help fund a fiscal deficit.
• MobiKwik to invest $45 mln to expand user base
Digital payments firm MobiKwik will invest 3 billion rupees this year to
expand its user base and rack up $10 billion worth of transactions on its
platform, it said in a statement on Thursday.
GLOBAL TOP NEWS
• No cuts to U.S. entitlement programs in Trump budget-Mnuchin
U.S. President Donald Trump's first budget proposal will spare big social
welfare programs such as Social Security and Medicare from any cuts, Treasury
Secretary Steven Mnuchin said in an interview broadcast on Sunday.
• S.Korea's acting president declines to extend corruption probe
South Korea's acting president Hwang Kyo-ahn will not extend the current special
prosecutor's investigation into an influence-peddling scandal that could topple
President Park Geun-hye, Hwang's office said.
• Moonlight' nabs first Oscar, Trump and Streep center stage
Mahershala Ali won his first Oscar on Sunday for his supporting role in
"Moonlight," kicking off what could be a big night for diversity at the Academy
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 8,924.50, trading down 0.5 pct from
its previous close.
• The Indian rupee will likely open higher against the dollar, helped by
bunched-up inflows after a long weekend.
• Indian government bonds will likely open higher tracking a sharp fall in
U.S. Treasury yields. The yield on the benchmark 6.97 pct bond maturing in 2026
is likely to trade in a 6.87 pct-6.92 pct band today. The paper had settled at
100.38 rupees, yielding 6.91 pct on Feb. 23.
• Wall Street edged higher on Friday, with the Dow extending its streak of
record-setting gains to 11 days, as increases in utilities and other safety
plays outweighed declines in financials.
• Asian stocks erased early losses but stayed below 19-month highs as a
renewed drop in sovereign bond yields on political concerns prompted some
investors to move to the sidelines after a recent rally.
• The dollar slipped to a more than two-week low against the yen on Monday,
as investors awaited this week's speech by U.S. President Donald Trump for clues
on tax reform.
• U.S. benchmark 10-year Treasury note yields dropped to five-week lows on
Friday, pressured by declines in Europe amid persistent political uncertainty
and a soft batch of U.S. data that suggested a more mixed outlook for the
world's largest economy.
• Oil prices edged higher with Brent oil set to rise for five out of seven
sessions as a global supply glut appears to ease, but rising U.S. production
• Gold prices held firm near 3-1/2-month highs hit in the previous session
as investors await more clarity on President Donald Trump's economic policy.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 66.68/66.71 February 23 $58.84 mln $388.15 mln
10-yr bond yield 7.22 pct Month-to-date $1.33 bln $1.31 bln
Year-to-date $1.32 bln $1.20 bln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 66.83 Indian rupees)
(Erum Khaled in Bengaluru)